NEW YORK (CNN/Money) - Hurray!! The 30-year bond is coming back!!

It's about time the U.S. government took advantage of the lowest long-term rates in decades to hook in cheap money and low borrowing costs for the American public. The budget deficit is very big and notwithstanding the recent pleasant drop in the deficit due to strong tax receipts over time it's expected to swell again as retiring baby boomers tap Social Security and use medicare heavily.

So whatever we can do to lock in low borrowing costs over a long period of time is a good thing.

This move to drop what used to be called "the long bond" occurred during the Clinton administration and was the brainchild of former Treasury Secretary Robert Rubin. He preferred to fund more of the nation's debt using bonds of shorter maturities which carry lower rates and are rolled over more frequently. Some supported that step as a way to save money.

But others wondered why in the world the government was dropping the long bond just when long-term rates were falling? Why miss a golden opportunity to sell U.S. bonds to big investors and to the rest of the world at rock-bottom rates?

Now rates are rising as the Federal Reserve keeps boosting short-term rates and is determined to see long-term rates go higher. The difference between short and long term rates has narrowed. And it's prudent to realize that in uncertain times, when the budget deficit is large and could get huge, when the trade deficit is also big and getting bigger, that we could go through a period when the dollar is under pressure and long-term rates are pressured higher.

The government may be coming a little late to the party. Long-term rates bottomed months ago as the 10-year note slipped below 4 percent. But these rates are still low enough to look like a bargain and the Treasury is wise to act.

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-- Kathleen Hays is economics correspondent for CNN and contributes to Lou Dobbs Tonight. You can read more of her columns here.